Carbfix

What Carbfix does

Carbfix is an Icelandic climate technology company that has developed a proprietary process to permanently mineralize CO2 underground by dissolving it in water and injecting it into basalt rock formations, where it solidifies into stable carbonate rock within approximately two years. Founded in 2006 and headquartered in Reykjavík, the company has operated the world's first commercial CO2 mineral storage site at ON Power's Hellisheiði Geothermal Plant since 2014, with current daily injection rates above 29.3 tonnes and cumulative storage exceeding 100,000 tonnes. Its IP portfolio comprises eight patent families covering core mineralization processes, with key patents filed in more than 30 countries.

The company sells two core offerings: Point Source Mineralisation for CO2 captured near suitable geology, and Terminal Mineralisation for large-scale reception hubs, exemplified by the planned Coda Terminal in Iceland, which targets up to 3 million tonnes of annual storage capacity by 2031 and is supported by an approximately $117 million EU Innovation Fund grant. Service revenue is generated through project-based engagements covering geological screening studies, pre-feasibility and feasibility analyses, pilot injection, construction and commissioning, and full-scale commercial operations. Carbfix targets hard-to-abate industrial sectors (iron and steel, cement, chemicals, aluminum) and partners on Direct Air Capture (DAC) and Bioenergy with Carbon Capture and Storage (BECCS) projects, executing an enterprise field-sales motion with tailored, quote-based contracts.

Carbfix distributes its technology through direct enterprise sales and cross-border value-chain partnerships, including a shipping arrangement with Dan-Unity to transport CO2 to the Coda Terminal. The company supplements its private commercial revenue with substantial non-dilutive public funding, including a €3.9 million EU Innovation Fund grant for the Silfurberg-project at Hellisheiði alongside ON, and has received industry recognition such as WIPO Global Awards 2025 finalist status. Leadership is anchored by CEO Edda Aradottir and founder Sigurður Gíslason, with operations concentrated in Iceland but with a stated ambition to scale globally.

Name

Carbfix

Legal name

Carbfix hf.

Website

https://carbfix.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Carbfix is an Icelandic climate technology company that mineralizes captured CO2 into stone within basalt formations underground, serving hard-to-abate industries and DAC/BECCS operators through project-based consultancy and planned large-scale terminal storage services such as the Coda Terminal.

Ownership category

akta.pro rank

Product category

Carbon Capture and Storage Services

SIC

Pipe Lines (No Natural Gas) (4610)

akta.pro primary industry

Biomass Carbon Removal & Storage (BECCS/Bioenergy with CO₂ Capture) (EUABAFAB)

akta.pro secondary industries

CO2 Storage & Injection Terminals (CCS Hubs) (TLAGAKAG), CO2 Injection / Storage-Field Pipelines (To Wells & Reservoirs) (TLAGAFAD)

Keywords

• CO2 mineral storage
• Carbon capture storage
• Direct air capture
• Carbon mineralization
• CCS consulting services

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure

Revenue model

1. Project-based Consultancy Services: Carbfix provides geological screening studies, pre-feasibility studies, feasibility studies, pilot injection, construction and commissioning, and full-scale commercial operations for CO2 mineral storage projects. Revenue is generated through consultancy services and project implementation.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Carbfix provides CO2 mineral storage services that permanently turn captured CO2 into solid carbonate rock within two years by dissolving it in water and injecting it into underground basalt rock formations. The company delivers end-to-end project services including geological screening studies, pre-feasibility and feasibility studies, pilot injection, construction and commissioning, and full-scale commercial operations, targeting hard-to-abate industries, Direct Air Capture (DAC), and BECCS projects.

Product overview

Carbfix is a climate innovation company that has developed a proprietary technology to turn CO2 into solid carbonate rock within two years by dissolving it in water and injecting it into underground basalt rock formations. The company offers two core product lines: Point Source Mineralisation for CO2 emissions from industrial sources or DAC systems near suitable rock formations, and Terminal Mineralisation for large-scale CO2 reception and permanent storage terminals. Carbfix provides end-to-end services including geological screening studies, feasibility studies, pilot injection, construction and commissioning, and full-scale commercial operations. The company targets hard-to-abate industries (iron and steel, cement, chemicals, aluminum) and partners on Direct Air Capture (DAC) and Bioenergy with CCS (BECCS) projects.

Differentiator

Problem solved

Functional benefit

Brands

• Coda Terminal: The world's first CO2 reception and mineral storage terminal, designed to store up to 3 million tonnes of CO2 annually by 2031.

Products and services

• Point Source Mineralisation
• Terminal Mineralisation Large-scale CO2 reception and mineral storage terminals built in locations with favorable basalt rock formations, capturing economies of scale. Captured CO2 is transported to the terminal and permanently stored underground through mineralization, with Carbfix providing consultancy and tailored feasibility studies for each project.
• Coda Terminal The world's first CO2 reception and mineral storage terminal in Iceland, designed to store up to 3 million tonnes of CO2 annually by 2031, utilizing Carbfix's proprietary mineralization technology and cross-border shipping operations.
• Geological Screening Study Initial evaluation of storage sites and geological formations to assess suitability for permanent CO2 mineral storage, used as the first step in project engagement.
• Pre-Feasibility and Feasibility Studies Comprehensive pre-feasibility and feasibility studies that assess the technical and economic viability of CO2 mineral storage projects, mitigating risks and increasing value for each project.
• Pilot Injection Small-scale pilot injection testing that validates CO2 mineral storage at proposed sites before full commercial deployment.
• Construction and Commissioning Full-scale commercial operation services including facility construction, commissioning, and ongoing commercial operations for CO2 mineral storage projects.

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Dan-UnitycoreStrategic or Co-development Partner · 12 July 2022Dan-Unity provides shipping operations for the cross-border CO2 value chain. CO2 is transported via shipping to the Coda Terminal in Iceland for mineral storage.
• ON (Orka Náttúrunnar)coreStrategic or Co-development Partner · 12 August 2021ON operates geothermal power plants in Iceland. Carbfix and ON collaborated on the Silfurberg-project at the Hellisheiði Geothermal Plant to capture and store CO2 and hydrogen sulfide emissions. The project received €3.9 million EU Innovation Fund grant.

Scale indicators8 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Climeworks: Climeworks is a leading direct air capture (DAC) company that, like Carbfix, is building permanent carbon removal infrastructure. Carbfix partners with DAC operators as the mineral storage backend, making Climeworks a complementary counterparty and a peer in the broader carbon removal value chain.
• Mineral Carbonation International (MCi): MCi is an Australian company pursuing mineral carbonation of CO2 using mine tailings. It is the closest direct competitor to Carbfix in the CO2 mineralization space, applying a related but distinct technical pathway to permanent mineral sequestration.
• Heirloom Carbon: Heirloom operates DAC technology with mineral-based storage pathways, overlapping with Carbfix's mineralization storage offering. Both companies serve the voluntary carbon removal market with permanent storage solutions.
• CarbonCapture Inc. CarbonCapture Inc. develops direct air capture technology with geological and mineral storage pathways. It competes with Carbfix for permanent atmospheric CO2 removal contracts from corporate buyers.

Broad incumbents

• 1PointFive (Occidental): 1PointFive is building Stratos, one of the world's largest DAC facilities, backed by Occidental. As a scaled industrial CCS/DAC player, it competes for the same customer base of voluntary carbon buyers and corporate offtake partners as Carbfix.
• Carbon Engineering (now part of Occidental): Carbon Engineering pioneered large-scale DAC technology and was acquired by Occidental to form 1PointFive. It is a broad incumbent in the carbon removal space that competes for corporate offtake agreements and large-scale project financing.

Emerging players

• Charm Industrial: Charm Industrial converts biomass into a bio-oil that is injected underground for permanent carbon storage. It competes with Carbfix in the durable carbon removal market, offering an alternative permanent storage pathway.
• CarbonCure Technologies: CarbonCure injects captured CO2 into concrete during production for permanent mineralization within building materials. While using CO2 rather than storing it underground, it serves the same cement and construction decarbonization market Carbfix targets.
• CarbonOrO: CarbonOrO is a UK-based company developing direct air capture with integrated mineralization using waste materials. It pursues a related approach to permanent CO2 removal through mineralization technology.

Regional players

• Iceland GeoSurvey (ÍSOR): ÍSOR is Iceland's leading geoscience consultancy with deep expertise in Icelandic basalt geology. As a domestic supplier of geological screening and subsurface data, it is an ecosystem enabler and potential partner or competitor for site characterization services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/carbfix
• Facebookfacebook.com/Carbfix
• LinkedInlinkedin.com/company/carbfix

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds4 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carbfix